Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC), has moved to stop what it described as misleading promotional activities linked to a non-existent public offer allegedly associated with Dangote Petroleum Refinery & Petrochemicals FZE.
The intervention followed reports of widespread marketing campaigns suggesting an upcoming initial public offering (IPO) by the refinery, prompting the SEC to order an immediate cessation of all such promotions.
According to the commission, no IPO application has been filed or approved for the refinery, making any ongoing advertisements, flyers and online promotions “unauthorised and misleading.”
SEC said it had observed the circulation of promotional content across social media platforms and investment channels, with some operators allegedly encouraging investors to pre-register or secure allocations in the purported offer.
The regulator warned that such activities amount to market manipulation and violate provisions of the Investment and Securities Act, which grants the commission exclusive authority over public offers and IPO approvals.
It also expressed concern over the involvement of some registered capital market operators in the promotions, describing the conduct as capable of misleading investors and undermining market integrity.
The commission stressed that claims such as “guaranteed allocations,” “pre-funding,” or “early subscription access” to the refinery’s shares were false and should be disregarded by the investing public.
Meanwhile, Dangote Petroleum Refinery denied any involvement in the circulating IPO materials, urging the public to rely solely on official company communications regarding any future capital market plans.
The SEC reiterated that until a formal application is submitted and approved, any form of marketing or investor solicitation relating to the purported IPO remains illegal and punishable under Nigerian securities law.
The regulator added that it would continue monitoring market activities to curb misinformation and protect investor confidence in the country’s financial system.
